STAMP DUTY
STAMP DUTY IN HARYANA
To become a legal owner of property in Haryana, whether a new or transferred property, it is mandatory to register it with the Haryana government. The registration process involves document submission and payment of stamp duty and registration charges. The stamp duty in Haryana varies for different transactions; the costs are different for Sale Deed and for Mortgage Deed. This article covers everything about stamp duty in Haryana, like the documents required for registration, the online registration process, and much more.
Latest News On Stamp Duty In Haryana (April 2023)
May, 2023: A plot in Daulatabad (Gurgaon) was allegedly converted illegally from "industrial" land to "agricultural" land, according to the Anti-Corruption Bureau (ACB). In official records, the site was listed as "licenced for development of residential colonies." Due to this illegal conduct, Gurgaon has lost at least 3.5 crore rupees in stamp duty.
The owner of the property, a Gurugram Tehsildar, as well as four other people have been detained by ACB in this matter. MCG and its readers are evading zonal taxation. The Tehsildar is believed to have modified the nature of the land by manually registering the plot, according to the bureau. As a result, the authorities registered the property for 56 lakh rupees rather than 4 crore. Compared to industrial property, Gurgaon's stamp duty on agricultural property is lower. The Tehsildar's personal account book was taken by the ACB officers, and it contained information on the bribe money. The cost of changing the plot type is Rs. 70 lakh.
Stamp Duty In Haryana: Tax Benefits
In Haryana a home buyer can claim a deduction on stamp duty and registration charges for up to Rs 1.5 lakh. The deduction on stamp duty can be claimed under section 80C of the Income Tax Act 1961. Also, note that the deductions can be claimed only if a home buyer is buying a new property, it can not be claimed for properties resold. Before paying the stamp duty, you should keep the following factors in mind ―
- A registered property should be stamped before or within the next working day of registration. If a property is outside the territory, it can be stamped within three months.
- Execution of property means when the buyer and seller have signed on the property papers for the transaction.
- A stamp paper should have the name of all the parties involved in the transaction.
- A stamp paper should not be older than six months from the transaction date.
- Also, you can pay the stamp duty in Haryana via adhesive stamps. At the execution time, the adhesive stamp is removed so as not to be reused.
Factors Considered While Calculating Stamp Duty In Haryana
The following factors are considered while calculating stamp duty in Haryana ―
- In Haryana, stamp duty charges for females are less when compared to males. The state government provides rebates to females on stamp duty in Haryana. This initiative is taken to promote women home buyers.
- In urban areas, the stamp duty is higher, whereas it is less in rural areas. The prices for the property will be higher in urban and posh areas.
- Stamp duty in Haryana is different for every property residential, commercial and industrial.
- A property offering high-end amenities will levy more stamp duty charges.
What If There Is Delay In Stamp Duty Payment ?
According to Section 23 of the Registration Act 1908, a heavy penalty will be imposed if stamp duty in Haryana is not paid on time. The charges can be up to 10 times the registration fees. All the documents in the state, except Will, should be registered within four months from the date of execution.
CONCLUSION
Now we know the importance of property registration and paying the stamp duty in Haryana. Paying stamp duty is made mandatory under a provision of the Indian Stamp Duty Act 1899. The stamp duty in Haryana ranges between 5%-8%; the charges vary based on documents like Sale or Conveyance Deed, Exchange Deeds, Loan Agreements, Partnership Deeds and Gift Deed. The registration charges in Haryana are up to Rs 50,000, depending on the property's price. Now buy an e-stamp conveniently at the e-GRAS platform. If you are uncomfortable with the online method, you can also purchase stamp paper and pay charges offline.
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